The concept of growth hacking has taken a quantum leap in the last few years and shown tremendous results in boosting awareness, lead generation and conversion.
Today, startups are mushrooming across the globe but for a fact, only 3% of the startups succeed in surviving. Most of the startups hustle hard in customer acquisition and withstand the competition. A robust growth hacking strategy helps businesses to break through the noise and reach the right set of audience.
Nevertheless, even well-established firms also understand the fundamentals of growth hacking and achieve remarkable sales numbers seamlessly.
What is Growth Hacking Principle
The basic concept of growth hacking is to experiment on what’s working and what’s not. The approach of testing various marketing ideas, analysis of their outcomes, iterating the plan and re-optimizing to get a better outcome is a standard growth hacking strategy, in digital terminology; it is the idea to run A/B testing through analytical tools like Google Analytics.
Growth hacking is an extremely creative concept where marketers need to swim across the flow and find potential opportunities before anyone else does. It means, without interrupting the current plan, you need to deep dive into the campaigns so as to mend it within their momentum.
With the upsurge of digital marketing awareness in last few years, growth hacking has got a fresh new look that has helped marketers to maximize ROI.
Growth hacking mindset: begin your net practice!
More than a strategy, it’s a mindset.
So as to understand the concept, let me take you through an amazing case which is not related to business but will make you understand the secret recipe behind having a mindset that leads to epic growth hacking success.
In the year, 1996 Britain Cycling team managed to bag just 2 bronze medals in the Atlanta Olympics but later in 2002 the same team won 8 gold medals and the entire credit went to their coach Sir David Brailsford. When interviewed he revealed the secret recipe, he said that he broke down the entire effort to riding in the competitions into bits and pieces of smaller but accountable activities. Then focused on improving each piece by 1% and summing all the 1% together laid to their unmatchable success in the 2002 Olympics.
What do you need to be a Growth Hacker?
Gaining a growth mindset matters a lot, growth hackers consistently accelerate towards their target in the minimal budget.
Curiosity and Creativity
Being curious and creative compels you to learn from each mistake rather and let you go back to the whiteboard with double enthusiasm.
It is highly crucial that your team must have marketers with a wide array of expertise. You need to identify members with storytelling, branding and analytical skills. The team factor is quite vital as a single member won’t have multiple skills to bridge the gap that is needed to reach the goal.
Let us have a quick tour on top 10 strategies to maximize ROI
1. Understand your customers with a fresh outlook
Don’t be pushy; try to understand their buying habits, patterns and dwelling channels. Accordingly, broadcast content that is of high value and informative that enriches your user experience.
2. Understand your operating channels
- Some of the solutions and products never attain viral growth because they are marketed at places where they do not have their ideal buyers.
- Understand the future needs of your customers, stay a step ahead to them. Ensure that your billing page should contain all prominent complimentary products that may inspire your customers to spend more. Example, try advertising a mobile cover, headset, etc on the checkout page of the smartphone, tell that “people also bought this”.
- Understand why Instagram became a successful platform when they came up with a more advanced photo-sharing social media platform later to the Facebook.
3. Set ground rules
- Document all your company growth KPIs and metrics
- What are the key metrics you need to improve to move to the next level?
- Be data focused and closely monitor analytics to see that you are on track.
- Keep your eyes open and check what your competitors are doing.
4. Believe in pilot and prototypes
- Don’t hesitate to ask for feedback for a Minimum Viable Product.
- Does your product capable to serve the real need.
5. Initial Experimentations to strengthen your foundation
Nothing exists like silver bullets. Make a mindset to test a lot of minute things. Rather than having one webpage, try a series of a webpage and check which one converts the best.
Growth hacking is an elaborated concept and has multifaceted implementations that can maximize your ROI. Readers keep an eye on this space to learn more about growth hacking.